Field Service Management Market Worth 5.08 Billion USD by 2023

Pune, India: According to a new market research report “Field Service Management Market by Solution (Schedule, Dispatch, and Route Optimization, Customer Management, and Work Order Management), Service, Deployment Type, Organization Size, Industry Vertical, and Region – Global Forecast to 2023”, published by MarketsandMarkets™, the market size is expected to grow from USD 2.56 Billion in 2018 to USD 5.08 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.7% during the forecast period.

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The efficient planning of projects and better work allocation for field workers are the major factors that are expected to drive the growth of the Field Service Management Market. Moreover, the increasing adoption of mobile applications and wearable devices among field workers is expected to drive the Field Service Management Market growth.

North America is expected to have the largest market size during the forecast period.

North America consists of developed economies, such as the United States (US) and Canada. In this region, organizations are rapidly adopting and willing to invest in the emerging technologies. The factors that are expected to drive the growth of the Field Service Management Market in North America are stable economies, technology enhancements, and optimized infrastructure costs. Thus, the North American region is expected to have the largest market size, due to the rise in the demand for enhanced field service management solutions with capabilities, such as real-time collaboration, predictive maintenance, efficient and faster billing, and quicker service delivery.

The manufacturing industry vertical is expected to have the largest market size during the forecast period.

Field service management solutions empower manufacturing organizations to make their business operations robust, efficient, and error-free. To remain competitive and sustain growth, manufacturing enterprises are focusing on making their business operations efficient by leveraging the benefits of latest advancements in the IT technology. Moreover, field service management solutions also enable organizations to enhance the quality of their products and services, thereby help reduce the time, effort, and cost related to product manufacturing and service delivery. Field service management solutions provide organizations with several capabilities, such as product installation, preventive maintenance, work order automation, field asset management, job scheduling, and real-time collaboration with field workers.

The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period.

Organizations with less than 1000 employees have been categorized as Small and Medium-sized Enterprises (SMEs). SMEs have to face various concerns, such as the deployment of on-premises field service management solutions, hiring a skilled workforce, IT team for maintenance, and budget constraints. These are the reasons why SMEs prefer cloud-based field service management solutions. Companies that do not have their cloud services are partnering with other cloud service organizations. SMEs in the Field Service Management Market are leveraging the benefits of low-cost field service management solutions to remain competitive in the market.